HAT TIP TO HOT AIR!
Man! Did we predict this or what? In an earlier post, I speculated that Pelosi and Company would not be bringing people like Chris Dodd, Barney Frank and Franklin Raines before Congress to answer questions about their roles in the Freddie and Fannie meltdown. I was right. She won’t.
In fact, the Dems will only being before Congress the Wall Street CEOs, despite the fact that these CEOs did everything they could to obey the law under the 1977 Community Reinvestment Act and it was trying to stay within that law that led to the current sistuation we are in. Will the Dems acknowledge this? No! They are trying to deflect the blame elsewhere.
From Ed Morrissey over at Hot Air:
|Democrats have begun a search for the culprit in the financial collapse in a manner somewhat akin to the OJ Simpson search for Nicole Brown and Ron Goldman’s murderer. The Hill reports that Henry Waxman’s Oversight Committee hearing grilled Lehman Brothers executives over CEO pay and “deregulation”, but never mentioned the names Fannie Mae and Freddie Mac. Republicans found that more than a little strange.
Here is what The Hill is reporting:
|Democrats aimed their harshest attacks at deregulation and CEO pay, using former Lehman Chairman and Chief Executive Officer Richard Fuld as an example during a recess hearing of the House Oversight and Government Reform Committee.
Chairman Henry Waxman (D-Calif.) also released internal documents showing Lehman’s compensation committee recommended $20 million in “special payments” to three departing executives on Sept. 11, four days before the firm filed for bankruptcy.
Republicans, for their part, launched a campaign to pin the financial meltdown on Fannie Mae and Freddie Mac, and attacked Waxman for not holding a hearing to dig into the now-nationalized mortgage giants.
“Any hearing on oversight that does not begin with Fannie and Freddie and [former Fannie Mae CEO] Franklin Raines will be a sham,” said Rep. John Mica (R-Fla.). “This is like investigating a train robbery and only talking to the dining car stewards.”
And check out this video of Chris Shays ripping into Congress for its own part in the Freddie/Fannie mess:
You can access the orginal Hot Air entry on-line here:
Democrats Refuse To Talk About Fannie, Freddie In Oversight Hearing
October 7, 2008